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1 on China economy worries

crude also fell more than $1 on Monday after the global economic outlook darkened and Iraq announced record imitation cartier diamond ring price oil production.

The world's biggest energy consumer, China, faces significant downward pressure on its economy, its premier Li Keqiang was quoted by state radio as saying on Monday.

China is expected this week to report growth slowing to 7.2 percent from a year ago, the weakest since the depths of the last global economic crisis. Data from China's National Bureau of Statistics showed on Sunday house prices fell for a fourth straight month.

Brent crude settled at $48.84 a barrel, down $1.33. benchmark crude was last trading down $1.17 at $47.52 a barrel. markets were closed for the Martin Luther King Jr. Day holiday.

Oil prices have dropped by more than half since June as output around the world soared while demand growth slowed. Although the International Energy Agency (IEA) said last week a reversal in the trend was possible this year, it noted prices may fall further before rising.

"There's still more supply than demand and that's a situation that will not change in just a few weeks," said Hans van Cleef, energy economist at ABN Amro.

Iraq pumped a record 4 cartier diamond ring price fake million barrels per day (bpd) of oil in December, Oil Minister Adel Abdel Mehdi said on Sunday, as output rose from its southern terminals and supply from the north surged.

Iran's oil minister Bijan Zanganeh said on Monday consultations with other members of producer group OPEC to stop oil prices falling had yet to bear fruit, but Tehran had no plans to call an emergency meeting to discuss prices.

"Even if the oil price goes down to $25 a barrel, fake cartier wedding ring price the oil industry will not be threatened," the Fars news agency quoted Zanganeh as saying.

"Shale oil production is likely to follow suit after a certain delay. This does nothing to change the considerable oversupply in the short term, however," Commerzbank said. cartier wedding ring price replica Reuters
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